Author/Editor: Kevin Clinton, R S Craig, Douglas Laxton, Hou Wang.

Release Date:May, 2019

Adoption of inflation targeting by the Bank of Korea (BOK) in 1998 contributed to low and stable inflation. However, after the global financial crisis (GFC) monetary policy faced more challenging more...

Author/Editor: Ali Alichi, Hayk Avetisyan, Douglas Laxton, Shalva Mkhatrishvili, Armen Nurbekyan, Lusine Torosyan, Hou Wang.

Release Date:February, 2019

This paper extends the multivariate filter approach of estimating potential output developed by Alichi and others (2018) to incorporate labor market hysteresis. This extension captures the idea that more...

Author/Editor: Rania A Al-Mashat, Ales Bulir, N Nergiz Dinçer, Tibor Hlédik, Tomás Holub, Asya Kostanyan, Douglas Laxton, Armen Nurbekyan, Rafael A Portillo, Hou Wang.

Release Date:September, 2018

This paper develops a new central bank transparency index for inflation-targeting central banks (CBT-IT index). It applies the CBT-IT index to the Czech National Bank (CNB), one of the most more...

Author/Editor: Ali Alichi, Rania A Al-Mashat, Hayk Avetisyan, Jaromir Benes, Olivier Bizimana, Aram Butavyan, Robert Ford, Narek Ghazaryan, Vahagn Grigoryan, Mane Harutyunyan, Anahit Hovhannisyan, Edgar Hovhannisyan, Hayk Karapetyan, Mariam Kharaishvili, Douglas Laxton, Akaki Liqokeli, Karolina Matikyan, Gevorg Minasyan, Shalva Mkhatrishvili, Armen Nurbekyan, Andrei Orlov, Babken Pashinyan, Garik Petrosyan, Yekaterina Rezepina, Aleksandr Shirkhanyan, Tamta Sopromadze, Lusine Torosyan, Erik Vardanyan, Hou Wang, Jiaxiong Yao.

Release Date:July, 2018

Estimates of potential output and the neutral short-term interest rate play important roles in policy making. However, such estimates are associated with significant uncertainty and subject to more...

Author/Editor: Edda Zoli, Hou Wang, Douglas Laxton.

Release Date:April, 2018

Adverse demographics and other structural weaknesses impinge on Korea’s long-term fiscal outlook and potential growth. Moreover, inadequate social protection is creating poverty and dampening more...

Author/Editor: Tobias Adrian, Douglas Laxton, Maurice Obstfeld.

Release Date:April, 2018

Contributors working at the International Monetary Fund present 14 chapters on the development of monetary policy over the past quarter century through the lens of the evolution of inflation-forecast more...

Author/Editor: Mokhtar Benlamine, Ales Bulir, Meryem Farouki, Ágnes Horváth, Faical Hossaini, Hasnae El Idrissi, Zineb Iraoui, Mihály Kovács, Douglas Laxton, Anass Maaroufi, Katalin Szilágyi, Mohamed Taamouti, David Vávra.

Release Date:February, 2018

The Central Bank of Morocco has been working on developing a Forecasting and Policy Analysis System (FPAS) to support a gradual move toward a more flexible exchange rate regime and the eventual more...

Author/Editor: Ali Alichi, Olivier Bizimana, Douglas Laxton, Kadir Tanyeri, Hou Wang, Jiaxiong Yao, Fan Zhang.

Release Date:May, 2017

Estimates of potential output are an important component of a structured forecasting and policy analysis system. Using information on capacity utilization, this paper extends the multivariate filter more...

Author/Editor: Jaromir Benes, Kevin Clinton, Asish George, Joice John, Ondra Kamenik, Douglas Laxton, Pratik Mitra, G V Nadhanael, Hou Wang, Fan Zhang.

Release Date:February, 2017

India formally adopted flexible inflation targeting (FIT) in June 2016 to place price stability, defined in terms of a target CPI inflation, as the primary objective of monetary policy. In this more...

Author/Editor: Jaromir Benes, Kevin Clinton, Asish George, Pranav Gupta, Joice John, Ondra Kamenik, Douglas Laxton, Pratik Mitra, G V Nadhanael, Rafael Portillo, Hou Wang, Fan Zhang.

Release Date:February, 2017

This paper outlines the key features of the production version of the quarterly projection model (QPM), which is a forward-looking open-economy gap model, calibrated to represent the Indian case, for more...